Member Info for Hepseal

Well bored now!

Cautious - I concede that I did not expect WR 16aZ to be producing only 51 bopd, however neither did Block Energy. The positive with regard to the events of last year is that I believe Block Energy will have learnt valuable lessons from any technical and information shortcomings and that puts us in a much stronger position for 2020.
With regard to the latest RNS, I was more than happy with the general update on 16aZ, W38, W51 and 3D seismic, all the detailed facts and figures will be with us in the near future.

Mal - At the risk of becoming boring I agree with you once again regarding the programme for W38 / W51 / W30 with regard to expanding the income stream ASAP I think I may have said something similar myself in the past.

Cautious - I have a very balanced view thank you very much - that is why I am invested here and that is why I have reached the conclusions I have reached. Perhaps you would explain to the listeners exactly where you think my view is not balanced.

Mal, I know you like a laugh and play on words, just reading your last post - "well daft" !!

Totally agree 100% with Maladoni's educated guesswork in his two posts - all the clues are out there.

I was in the process of typing out am almost identical response (honest) but Mal beat me to it.

Ezhik - Extract from RNS 25th Sept re oil storage from WR 16 aZ:

"Since testing began, the well has produced more than 9,000 bbls of light, sweet crude oil, which at US$65/bbl Brent provides an anticipated US$300,000 net to the Company, a quarter of the original drilling cost."

Although 16aZ is temporarily shut in I would be very surprised if we had less than 10,000 bbls currently in storage.

The sensible, level headed investors who had read the last RNS would not have been expecting any "Noteworthy News" today - but then you know that don't you.

Based upon clues in December RNS my thoughts on anticipated news flow dates would be as follows:

1) WR 16 aZ - confirmation of gas connection and update of oil / gas flows - mid Jan.
2) WR 38 - confirmation of oil / gas flows after production testing + gas connection - late Jan / early Feb.
3 a, b, c) WR 51 - various news, spud, completion of drilling, production testing + connection - Jan / Feb / March etc.
4) Results of 3D seismic survey and confirmation of future wells to be drilled this year -Feb / March.

As I say, only my thoughts, anyone agree or disagree??

Exmex - Sure you are absolutely correct, that all makes a lot of sense and it was my original conclusion before I got sidetracked (no pun intended).

Theory from A N Other on the other chat board:

03/1/2020 16:07 looks like refurbished storage tanks installed at well 38z....? https://twitter.com/BlockEnergyplc/status/1213109237880107008?s=19 maximise the 2nd photo: to the right, the horizontal tank with red/yellow connections, a separator tank. it is 38z, if the separator tank is the same one as tweeted on 17dec: https://twitter.com/BlockEnergyplc/status/1206883514823663616/photo/3 the pics suggest the blue shipping container-type tank [17dec] has been removed - moved to wr51 for drilling ops?

Hi Gary - I am a bit confused as well.

Text under photos: "Newly restored storage tanks for use in well testing, refurbished at our yard just outside Tbilisi "

I don't have any great technical knowledge but perhaps it is old photo taken in the yard when the gas seperator was also in the yard??

Just in case anybody missed it in amongst all the rubbish posts this morning there is in my opinion an excellent well written article from Total Market Solutions posted on this chat board this morning at 8.26 by D Burton.

GLA (well most)

In my opinion an excellent well written article from Total Market Solutions.

Possible reasons for bringing forward WR51:

1) Positive information so far from WR38
2) Advance information from 3D seismic survey
3) Close proximity to WR38 therefore reduced set up costs for WR51
4) Close proximity to WR38 therefore easy to tie into gas infrastructure.
5 ) A quicker route to producing revenue than perhaps W30

HB - I am sure you are very pleased to have found much better opportunities and we are certainly all pleased that you have moved on - Bye.

Sea 7 - Always enjoy reading your informative posts but in my opinion the person you refer to as Hilly is just a "wind - up merchant" - mind you good that he has established that Block are not wasting money on unnecessary / luxurious office space!! Wonder if PH invited him in for coffee?

Thanks Mal, same to you and everybody else.

Based upon yesterdays RNS I am thinking the first RNS in the New Year will cover the return to production of WR16AZ with confirmation that it has been connected up to the Bago gas infrastructure together with some updated flow rates + commencement of sidetracking operations of WR51.

Based upon the wording in yesterdays RNS I think we may have to wait a little bit longer for the WR38 flow testing results.

GLA

Jaytee41 - Excuse me interrupting your conversation with Sea7 but AJW's post from earlier today has the answer.

I assume "makavelibt" from two days ago is the same person and has now been banned.

Thanks AJW for your input - I am sure you are correct about the distance, when I scaled off of indicative drawing it was in fact less than 500m but I rounded it up to discuss in general terms. I also have a feeling you may be correct re gas connection for 16az bearing in mind we were told flaring licence would end sometime in December and Bago are now in a position to connect.

Thanks also Sea7 for your informative posts yesterday evening.

I am not particularly worried by current share price, lots of news to look forward to in the coming year and by the end of March we could possibly have a combined oil and gas income stream from 3 wells, WR16az, WR38 and WR51 plus news on 3d seismic survey report plus progress on WR30. - wow!!